Governance

[Draft version] LEND is the protocol token of Lendland and is used for governance

Introduction

The Lendland protocol is governed and upgraded by LEND token-holders, using three distinct components; the LEND token, governance module (Governor Bravo), and Timelock. Together, these contracts allow the community to propose, vote, and implement changes through the administrative functions of a eToken or the Comptroller. Proposals can modify system parameters, support new markets, or add entirely new functionality to the protocol.

User can delegate his LEND balance to himself or other accounts. The total balance of LEND delegated to an account is called vote value.

Users who have vote value greater than 1% of total issuance can make proposals. Proposals will be passed with the following conditions at the same time:

1. Proposal have more for votes than against votes.

2. The value of for votes must more than 4% of the LEND issuance.

After the proposal is succeeded, the proposal will be queued to Timelock for execution. The execution period is 2 days. Any account can execute the proposal within 2 days. If no account executes the proposal, it will be expired.

What is LEND

LEND is the protocol token of Lendlandand is used for Lendland governance.

LEND is also an ERC-20 token that allows the owner to delegate voting rights to any address, including their own address. Changes to the owner’s token balance automatically adjust the voting rights of the delegate.

Distribution of LEND

• Total Issuance: 100,000,000

• Distribution

  • Liquidity Mining Rewards, 75%, 75,000,000

  • Team members and future employees with 4-year vesting, and 1/16 released every quarter, 15%, 15,000,000

  • Investors 10%, 10,000,000; 5% by pre-sale, 5% by airdrop.